Tinubu, UK’s Starmer seal £746m Lagos ports deal, pledge stronger trade, economic ties

President Bola Tinubu has called for a deepening of economic cooperation between Nigeria and the United Kingdom, urging both nations to build on their longstanding relationship through enhanced trade and investment partnerships.

Tinubu made the remarks on Thursday during a meeting with British Prime Minister Keir Starmer at Downing Street, where both leaders agreed on a £746 million deal to refurbish two of Nigeria’s busiest seaports in Lagos.

The agreement focuses on the modernisation of infrastructure at the Apapa Port and Tin Can Island Port, key gateways for the country’s maritime trade.

Describing his trip as both “thrilling and significant,” Tinubu noted that it marks the first state visit by a Nigerian leader to the UK in 37 years, underscoring its importance in strengthening bilateral relations.

Speaking ahead of formal talks, the president highlighted the long history of institutional collaboration between both nations and stressed the need to expand cooperation across multiple sectors.

“We cannot forget the institutional development we have enjoyed over the years,” Tinubu said, adding that discussions would cover trade, economic reforms, climate change, terrorism, and other global challenges.

He acknowledged the pressures facing the global economy, noting that Nigeria is not immune to international developments. According to him, the focus of his administration remains on improving economic conditions and enhancing the welfare of citizens through strategic partnerships.

In his remarks, Starmer described the visit as historic and welcomed the renewed engagement between both countries. He also referenced the significance of a State Banquet hosted by the British monarch in honour of the Nigerian delegation.

The UK prime minister emphasised the enduring people-to-people connections between both nations, noting that these ties continue to strengthen cooperation across economic, defence, and security sectors.

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He added that the newly signed agreements on exports and business exchanges reflect a shared commitment to deepen collaboration and expand engagement on global issues.

The formal signing of the ports agreement took place at Lancaster House, where President Tinubu and First Lady Oluremi Tinubu witnessed proceedings.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, signed on behalf of the Nigerian government, while Blair McDougall represented the British government.

Edun explained that the deal aligns with Nigeria’s priorities in infrastructure development, energy expansion, and industrial growth. He noted that strengthening bilateral partnerships is crucial to attracting the level of investment needed to stimulate economic activity, create jobs, and reduce poverty.

According to him, the agreement reflects growing confidence and mutual trust between both countries, as well as a shared determination to deliver tangible economic benefits.

The development is seen as a major step in advancing the Tinubu administration’s economic reform agenda, while reinforcing Nigeria’s position as a key trade partner of the United Kingdom.